(Australian Associated Press)
WHO SAID WHAT:
Chief executive Andrew Thorburn cancelled the remainder of his long service leave to “personally and visibly” lead the bank’s response to the royal commission findings after receiving some of the strongest criticism from Kenneth Hayne’s final report.
*COMMONWEALTH BANK OF AUSTRALIA
Chief executive Matt Comyn acknowledged the “clear need for change” while admitting the royal commission had “highlighted failings both in our business and across the wider financial services industry.”
Commissioner Kenneth Hayne’s report is a “defining moment” and a “humbling experience” for the bank and the financial services industry, chief executive Shayne Elliot said while pledging ANZ had “learned from this and accepted responsibility for our failings.”
The focus for Westpac remains on learning from past mistakes, with chief executive Brian Hartzer admitting the royal commission was a “confronting, thorough and important process.”
AMP has acknowledged the conflict of interest in financial services highlighted by Kenneth Hayne’s final report but said there are still benefits to their “vertically integrated” business model.
Wealth manager IOOF Holdings will work to resolve issues raised in the royal commission report while staying committed to restoring the trust of its members, acting chief executive Renato Mota said. IOOF are among a number of superannuation funds open to potential criminal charges.
“Suncorp has been a supporter of the royal commission as we believe it will result in better outcomes for customers and drive positive change for the industry,” Suncorp chief executive Michael Cameron said. The company was criticised over their handling of insurance claims and misleading customers.
*FINANCE BROKERS ASSOCIATION OF AUSTRALIA
The FBAA managing director Peter White has warned changing the remuneration structure for brokers would send Australia “back to the dark ages where a few banks held all the power,” arguing the mortgage broking industry is far more transparent than banks who operate “under a shroud of secrecy.”
Mortgage Choice has highlighted the proposed changes to broker remuneration as largely impacting the mortgage broking industry and “competition within the home lending sector,” chief executive Susan Mitchell said. She warned these recommendations needed careful consideration and could lead to “more pricing power to the major banks which would lead to less choice, less credit and higher interest rates for consumers.”
*AUSTRALIAN SHAREHOLDERS’ ASSOCIATION
In support of the royal commission’s findings including the reinforcement of current laws rather than creating new ones, chief executive Diana D’Ambra further stated “retail shareholders expect ethical behaviour as a gateway to generate sustainable returns, profit achieved any other way is illusory.”